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Miami Swim Show 2009 The Miami Swim Show 2009 occured July 19-22 in Miami Beach, Florida, and Surf Expo was on hand to witness it all. 07/23/2008 Travels With Fish: Rehoboth, Delaware Surf Expo Buyer Relations Manager Steven Fisher wraps up his road trip with stops at Quiet Storm, Sierra Moon, Liquid, and Dewey Beach Surf Shop to find out what's selling now. 07/19/2008 Travels With Fish: Ocean City, Maryland Surf Expo Buyer Relations Manager Steven Fisher visits Chauncey's Surf Shop, K-Coast, Endless Summer, and Cloudbreak in Ocean City, Maryland on July 16, 2008. Here's his daily report. 07/17/2008 Travels With Fish: Virginia Beach Day 2 Surf Expo Buyer Relations Manager Steven Fisher visits Corner24, Hotline Surf Shop, RK's, Whalebone, and WRV during his second day on the road in Virginia Beach, Virginia. 07/16/2008 Travels With Fish: Virginia Beach, Virginia Surf Expo Buyer Relations Manager Steven Fisher visits Freedom Surf Shop, Seventeenth Street Surf Shop, and Coastal Edge in Virginia Beach on July 14, 2008. Here's the view from the retail trenches. 07/15/2008 How to Select and Train Your Booth Staff Somehow show logistics hog our time and resources, and when it comes to staff training, it gets buried in a pile of undone “to-do’s”. But nothing pays off in qualified leads and positive company image as well as a well-trained staff! 07/08/2008 AWSI Introduces Co-Executive Directors At 2nd Annual Meeting  The Second Annual Association of Wind Sport Industries symposium was held at Hood River, Oregon, this past weekend. Top order of business was to introduce the two new Co-Executive Directors to the group for the upcoming year, Tonia Farman and Katie Crafts. 07/03/2008 Sector 9 Acquired By Billabong Paul Naude, head of Billabong’s North American operation says, “Sector 9’s innovative skateboard design has positioned the company as the market leader in this hardgoods niche and makes them a great addition to our strong portfolio of boardsports brands.” 07/01/2008 Pivotal Trestles Toll Road Meeting To Occur July 25 Should the Secretary of Commerce uphold the California Coastal Comission's permit denial decision, the toll road extension through San Onofre State Park will be effectively dead in its tracks! As such, The Surfrider Foundation is hoping to drive as many people as it can to the hearing. 06/30/2008
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True Religion First Quarter Net Sales Up 47.4%
True Religion Apparel, Inc. (Nasdaq: TRLG) today announced financial results for the first quarter ended March 31, 2008.
Net sales for the 2008 first quarter were $53.4 million, an increase of 47.4% from $36.2 million in the 2007 first quarter. Net sales in the Company’s U.S. wholesale segment increased 29.5% to $32.5 million from $25.1 million in the prior year. The Company’s international wholesale business increased 28.5% to $8.9 million from $6.9 million in the 2007 first quarter. Net sales for the consumer direct segment, which includes the Company’s branded retail stores and e-commerce site, increased 190.3% to $11.8 million from $4.1 million in the prior year.
Gross profit in the 2008 first quarter was $30.5 million, or 57.1% of net sales, compared to $20.4 million, or 56.3% of net sales, in the first quarter of 2007. The improvement in gross margin reflects the ongoing segment mix shift towards the Company’s higher margin consumer direct business.
Selling, general and administrative (“SG&A”) expenses for the 2008 first quarter increased 65.8% to $19.1 million from $11.5 million in the 2007 first quarter. SG&A expenses for the first quarter of 2008 included $3.0 million of incremental operating costs for the expansion of the company’s consumer direct business, $2.0 million of additional restricted stock compensation, $1.0 million in incremental marketing expense related to the Company’s 2008 marketing campaign and $0.4 million in incremental professional fees related to the 2006 and 2007 financial report restatement. The Company’s first quarter 2007 SG&A expenses included $1.2 million of severance and recruiting costs related to the replacements of two former executives.
Operating income for the 2008 first quarter increased 27.9% to $11.4 million, or 21.2% of net sales, compared to $8.9 million, or 24.5% of net sales in the 2007 first quarter.
True Religion’s effective tax rate for the first quarter of 2008 was 41.0%.
Net income for the 2008 first quarter was $6.9 million, or $0.29 per diluted share based on weighted average shares outstanding of 24.1 million, compared to $5.2 million, or $0.22 per diluted share based on weighted average shares outstanding of 23.8 million in the 2007 first quarter.
“The first quarter of 2008 marked a continuation of the strong growth True Religion delivered in the second half of 2007,” said Jeffrey Lubell, chairman and chief executive officer of True Religion Apparel. “We achieved year over year revenue growth of 47% thanks to the positive customer response to our spring 2008 collection. Our first quarter results reflect the continued execution within each of our major growth platforms, as we exceeded our internal expectations of our U.S. wholesale business, improved our international performance, and continued to provide our customers with an expanding assortment of sportswear product offerings to complement our core premium denim jean collections. We are confident that we are moving in the right direction to establish True Religion as a truly global, aspirational brand.”
Store Openings
During the 2008 first quarter, True Religion opened 3 new stores, bringing its total store count as of the end of the first quarter to 18 stores. To date in the second quarter, the Company has opened seven new stores, bringing the total store count to 25 stores as of May 8, 2008. The Company anticipates opening at least 10 additional new stores before the end of the year, for a total of at least 35 stores by year end 2008.
2008 Guidance
The Company now expects that its 2008 net sales will be $220 million to $225 million (as compared to the $210 million to $215 million that it anticipated at the beginning of 2008) and its 2008 EPS will be $1.52 to $1.56 (as compared to $1.48 to $1.52 at the beginning of 2008). The Company’s 2008 net sales are expected to increase 27% to 30% compared to 2007 net sales of $173 million. The Company’s 2008 diluted EPS is expected to increase 31% to 34% compared to 2007 diluted EPS of $1.16.
The Company’s updated EPS guidance reflects an increase in its expected share count, now 24.1 million as compared to 23.7 million at the time of the Company’s initial guidance, and a reduced effective tax rate, 41.0 percent versus 42.0 percent; these changes have offsetting impacts to the expected 2008 EPS guidance.
Investor Conference Call
True Religion management will host a conference call to discuss the financial results and answer questions today at 4:30 p.m. ET. The conference call will be available to all interested parties through a live webcast at www.truereligionbrandjeans.com and www.earnings.com. Please visit the Web site at least 15 minutes prior to the start of the call to register and download any necessary software. For those unable to listen to the live broadcast, the call will be archived for a year at both sites. A telephone replay of the call will be available for approximately one week following the conclusion of the call by dialing (800) 406-7325 (domestic) or (303) 590-3030 (international) and entering passcode: 3875598.
About True Religion Apparel, Inc.
True Religion Apparel, Inc. is a growing, design-based premium aspirational brand. The company designs, manufactures and markets True Religion Apparel products, including its premium True Religion Brand Jeans. Its expanding product line, which includes high quality distinctive styling and fit in denim, sportswear, and licensed products, may be found in premium department stores and boutiques in 50 countries around the world, including the United States, Canada, Germany, United Kingdom, Japan, Korea, France, Spain, Sweden, Greece, Italy, Mexico, Australia, South Africa and China. For more information, please visit www.truereligionbrandjeans.com.
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Slater Shows Complete Dominance of 2008 WCT Dream Tour “I think if Kelly wins another event, the race for the ASP World Title will be pretty much over," says Mick Fanning, last year's ASP champ. 07/24/2008 Back-To-School Spending Expected To Top $20 Billion The survey found that the average family with school-aged children will spend $594.24 on back-to-school purchases, compared to $563.49 last year.
07/24/2008 Rip Curl Adds Timmy Turner To The Team Revered for his award-winning film, 'Second Thoughts' which won the 2004 Surfer Poll "Movie of the Year", Timmy plans to continue his lifelong quest to find waves of absolute perfection, while documenting his adventures.
07/24/2008 Dakine Debuts Project Blue Recycled Surf Packs For Spring 2009 Each gender-specific pack, the Oceana for girls and Recon for guys, is made from 100% recycled plastic bottles with partial proceeds benefiting The Surfrider Foundation.
07/23/2008 Foam Magazine Goes Social with Community On The Loop'd Network Foam Magazine, the leading, beach-oriented, lifestyle and fashion magazine, and Loop'd Network™, the leading social network for action sports and youth culture, today launched the PiperGirls online community at pipergirls.com.
07/23/2008 Dubna, Russia, To Make History In Kicking Off 2008 Waterski and Wakeboard World Cup Series Having successfully completed 21 World Cup Stops to date, the 2008 season contains the most exotic line-up of venues to date.
07/23/2008 Volcom Buys Laguna Surf & Sport The stores will continue to operate under the same name and experienced retail team. Terms of the transaction were not disclosed.
07/22/2008 Liquid Nation Ball 5 Tickets Go On Sale The SIMA Humanitarian Fund is proud to announce that tickets for Liquid Nation Ball 5, set for Friday, September 5, 2008, are officially on sale now.
07/22/2008 Is Ryan Sheckler A Sell Out? New ESPN Magazine cover story delves into the rising fame and fortune of skater Ryan Sheckler.
07/16/2008 Maloof Money Cup Draws Top Skaters With Biggest Contest Purse Ever Including three professional U.S. Championship Competitions, the Maloof Money Cup featured the largest purse in the history of professional skateboarding with more than $450,000 in prize money.
07/16/2008 VF Corp Outdoor Revenues Zoom Up 17% VF Announces Record Second Quarter Revenues and EPS; Raises Full Year 2008 EPS Guidance and Declares Dividend. The North Face remains red hot.
07/15/2008 Taylor Knox Makes History at the Billabong Pro Jeffreys Bay Veteran ASP World Tour campaigner Taylor Knox (Carlsbad, CA) posted the highest combined heat score in Billabong Pro Jeffreys Bay history with a near flawless 19.70 out of possible 20 points.
07/15/2008
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